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ASAP PLEASE Cost of Preferred Stock with Flotation Costs hurnwod fech plans to issue same $60 par preferned stock with a 7% dividend. A similar

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Cost of Preferred Stock with Flotation Costs hurnwod fech plans to issue same $60 par preferned stock with a 7% dividend. A similar stock is selling on the market for $90. Burnwood must pay Hotatioo cets of ch of the issue price. What is the cost of the preferred stock? Round your answer to twe decimal places

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